Arrowstreet Capital Limited Partnership Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Arrowstreet Capital Limited Partnership increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 39.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,622,253 shares of the software maker’s stock after buying an additional 2,151,811 shares during the period. Fortinet comprises 0.6% of Arrowstreet Capital Limited Partnership’s investment portfolio, making the stock its 27th largest holding. Arrowstreet Capital Limited Partnership’s holdings in Fortinet were worth $720,150,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in FTNT. Graney & King LLC purchased a new stake in shares of Fortinet during the fourth quarter worth $43,000. Golden State Wealth Management LLC acquired a new stake in Fortinet in the 4th quarter valued at about $46,000. Runnymede Capital Advisors Inc. acquired a new stake in Fortinet in the 4th quarter valued at about $56,000. LFA Lugano Financial Advisors SA grew its position in shares of Fortinet by 445.5% during the fourth quarter. LFA Lugano Financial Advisors SA now owns 600 shares of the software maker’s stock worth $57,000 after buying an additional 490 shares in the last quarter. Finally, Private Trust Co. NA increased its stake in shares of Fortinet by 95.0% during the fourth quarter. Private Trust Co. NA now owns 630 shares of the software maker’s stock worth $60,000 after buying an additional 307 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of recent research reports. Guggenheim reiterated a “neutral” rating on shares of Fortinet in a research note on Friday, February 7th. Baird R W downgraded shares of Fortinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 3rd. Raymond James restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Royal Bank of Canada raised their target price on Fortinet from $97.00 to $115.00 and gave the stock a “sector perform” rating in a research report on Friday, February 7th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $105.69.

Fortinet Stock Down 3.0 %

Shares of NASDAQ:FTNT opened at $96.60 on Friday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. The firm’s 50-day simple moving average is $102.97 and its 200-day simple moving average is $93.26. The company has a market cap of $74.28 billion, a price-to-earnings ratio of 42.74, a PEG ratio of 4.19 and a beta of 0.97.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 326,784 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. This trade represents a 2.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now directly owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 599,988 shares of company stock worth $59,094,530. 18.00% of the stock is owned by corporate insiders.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.